Summary of Significant Accounting Policies and Basis of Presentation (Policies)

6 Months Ended

Jun. 30, 2026

Basis of Presentation and Principles of Consolidation

The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the SEC on March 2, 2026. The results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the results to be expected for the entire fiscal year or any future periods.

The unaudited condensed consolidated financial statements include the accounts of Seer, Inc. and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated.

Concentration of Credit Risk and Other Risks and Uncertainties

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, restricted cash, accounts receivable, and investments. The Company maintains bank deposits in federally insured financial institutions, and these deposits may exceed federally insured limits. The Company is exposed to credit risk in the event of default by the financial institutions holding its cash and cash equivalents and issuers of investments to the extent account balances exceed the amount insured by the Federal Deposit Insurance Corporation.

For the three months ended June 30, 2026, one customer accounted for 13% of total revenue. No single customer accounted for 10% or more of total revenue for the six months ended June 30, 2026. For the three months ended June 30, 2025, three customers, including a related party, accounted for 13%, 11%, and 10% of total revenue. For the six months ended June 30, 2025, one customer accounted for 10% of total revenue.

For the three and six months ended June 30, 2026, 57% and 50% of the Company's total revenue, respectively, was generated outside of the United States, primarily from countries in Asia and Europe. For the three and six months ended June 30, 2025, 33% and 35%, respectively, of the Company's total revenue, was generated outside of the United States, primarily from countries in Asia and Europe.

As of June 30, 2026, one customer represented 10% of the Company's total accounts receivable balance. As of December 31, 2025, three customers represented 13%, 11%, and 10% of the Company's total accounts receivable balance.

Significant Accounting Policies

On June 22, 2026, the Company invested $0.3 million in PrognomiQ, Inc. (PrognomiQ) through a Simple Agreement for Future Equity ("SAFE"). The SAFE provides the Company with the right to receive SAFE Preferred Stock upon the occurrence of a future equity financing, liquidity event, or dissolution event, subject to the terms and conditions of the SAFE agreement. The SAFE does not accrue interest, has no maturity date, and does not provide voting or protective rights prior to conversion.

The investment is accounted for as a non-marketable equity security under ASC 321, Investments - Equity Securities, and is measured using the measurement alternative at cost, less impairment, adjusted for observable price changes in orderly transactions for an identical or similar investment of the same issuer.

Except for the accounting policy adopted for the SAFE investment, there have been no material changes to the significant accounting policies as of and for the three and six months ended June 30, 2026, as compared to the significant accounting policies described in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the SEC.

Cash, Cash Equivalents and Restricted Cash

The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. Cash equivalents consist primarily of amounts invested in money market funds, U.S. Treasury securities, U.S. Non-Treasury securities, commercial paper, and corporate debt securities and are stated at fair value.

Restricted cash represents cash held by a financial institution as security for a letter of credit issued to the lessor for one of the Company’s operating leases and is classified as noncurrent.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the unaudited condensed consolidated balance sheets that sum to the total of the same amounts shown in the unaudited condensed consolidated statements of cash flows (in thousands):


	Six Months Ended June 30,
	2026		2025
Cash and cash equivalents	$	26,075	$	37,931
Restricted cash		524		524
Total cash, cash equivalents and restricted cash	$	26,599	$	38,455

Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU No. 2024-03, Income statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), which requires public business entities to disclose in the notes to the financial statements, among other things, specific information about certain costs and expenses including purchases of inventory, employee compensation, and depreciation and amortization expense for each caption on the income statement where such expenses are included. The update is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted, and the amendments may be applied prospectively to reporting periods after the effective date or retrospectively to all periods presented in the financial statements. The Company is currently evaluating the impact the new accounting standard will have on its expense disclosures in the notes to the consolidated financial statements and related disclosures.

In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient to measure credit losses on current accounts receivable and current contract assets that arise from transactions accounted for under Topic 606. The practical expedient assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset when developing reasonable and supportable forecasts as part of estimating expected credit losses. The update is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, on a prospective basis, with early adoption permitted. The Company is currently in the process of evaluating the impact of this pronouncement on its consolidated financial statements and related disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which replaces the current stage-based capitalization model with a principles-based approach. Under the new guidance, costs are capitalized once management authorizes and commits to funding the software project, it is probable that the project will be completed and the software will be used to perform the function intended. The update is effective for annual periods beginning after December 15, 2027, with early adoption permitted as of the beginning of an annual period. The Company is currently in the process of evaluating the impact of this pronouncement on its consolidated financial statements and related disclosures.